13 Apr. 2007 - The UCITS Directive (85/611/EEC) requires the use of simplified prospectus (SP) for the purpose of informing clients before they invest in UCITS. The current content and format of the SP is considered not to have achieved its initial objectives, since documents are often overly long and technical, and difficult for the average investor to understand and use. There have also been problems with the consistency of the information contained within SPs, making it harder for consumers to compare between funds, particularly where cross-border sales are involved. The full Prospectus is also considered to be too long and technical for the average investor.
On 11 April 2007 CESR received from the Commission a letter requesting CESRīs assistance on detailed content and form of key investor disclosures for UCITS. The request clarifies the purpose and objective of the request, the focus of the work to be undertaken by CESR and the proposed organisation of the work and the time-table.
CESR is inviting all interested parties to submit their views regarding the request for assistance received from the Commission.